Nominee Trust ownership - Posted by jim

Real Estate Investing Real Estate Law
1

Posted by John Merchant on January 02, 2008 at 10:48:04:

You’re wanting good legal advice on a state specific legal question so this isn’t the best or most appropriate source of legal advice for you.

However, speaking generally re Trust Law, if the trust is the title owner, then it would appear that under the local city ordinances in question, the trust, as the RE owner, isn’t and can’t be a Sr. Citizen that would qualify for a local Sr. exemption.

And if your elderly friend is merely a/the trustee and she isn’t a beneficiary herself in that trust, it’d appear to me that she has NO ownership interest in the trust or the property…and if that’s the case, why should she get any kind of tax break since she has no ownership interest in the RE?

2

Nominee Trust ownership - Posted by jim

Posted by jim on January 01, 2008 at 14:16:21:

If a senior citizen is a trustee along with one of her children in a realty trust that qualifies as a nominee trust and all her children are equal beneficiaries is she concidered still the owner of her home for real estate tax purposes? In Fy 2008 her town in MA has a new senior tax exemption program clause 41C1/2 and I’m confused what ownership means when it ralates to trusts and she was getting a deduction in her RE tax bill for her deceased husbands purple heart but with the trust she loses the deduction (not sure why).